The app itself will now close, but its features will be used in mobile products at Yahoo, where Mr D'Aloisio has been given a job.

He will be joined by several of Summly's "top staff" in new roles at Yahoo in the next few weeks.

The app launched when Mr D'Aloisio was aged just 15, and soon attracted more than £1m of investment. He is now likely to be one of the world's youngest self-made multi-millionaires.

Speaking to the London Evening Standard, the Wimbledon-based teen said: "I like shoes, I will buy a new pair of Nike trainers and I'll probably get a new computer, but at the moment I just want to save and bank it.